Hello friends I am sharing the weekly Chart of RELAXO Footwear for educational purpose for that as we can see that 825 zones was a good support zones earlier when a Breakout happened in it for many weeks it takes support on that area in the year 2021 and goes for an other breakout after completing the consolidation phase post breakout and now came down from 1450 zones to 748 levels and retested successfully, So as of now we can see on this chart that stock is taking Resistance on the same 825 zones because that support now become resistance for as all we know that if price is trading below the previous support zone then that price can become resistance for any of security in market so we can expect a good breakout after a break of that Resistance for the target of 932 zones which was it's resistance during previous consolidations so I am sharing my idea below.
IDEA- We can go long after above weekly a close to 825 levels For that target of 932 in this execution our stop loss must be a closing below of that 825 levels on weekly basis.
NOTE-: This is not and trade or investment advice. This idea is meant for learning only. Invest your capital at your own risk
GETTING DAY CLOSE ABOVE RESISTANCE, DAILY CANDLE BASIS
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CROSSED 50 DAY EMA, WAITING FOR 100 EMA CROSS TWO THE YELLOW ONE
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NOT GET A BREAKOUT CLOSE
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GIVEN A WEEKLY BREAKOUT CLOSE
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TRADING OK ABOVE BREAKOUT
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WEEKLY CLOSE ABOVE BREAKOUT, BUT NOT IMPRESSIVE WILL WAIT FOR TARGET OR STOP
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FULL TARGET ACHIVED OF 932 FROM 825 GAINED 13% SO FAR, NOW LOOKING MORE BULLISH MOVE CAN COME, LAST AND FINAL UPDATE FOR THIS IDEA WILL PUBLISH A NEW IDEA ON THIS.
It is a breakout close? as per mentioned in idea, i think you missed an update sir
AMIT-RAJAN
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@SONIA123456, yes it is a breakout according to my idea posted, thanks for commenting by chance i missed to update
tiger2275
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The way you explained about support and resistance is awesome and your findings about this concept is amazing always much helpful and having a lot of learning material in your ideas actually the support and resistance are the back bone of trading which tells us how to manage our risk properly
AMIT-RAJAN
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@tiger2275 Thanks you so much dear Glad to know that you liked what i shared about